Shriram Life Saral Jeevan Bima

A person can meet with a mishap at any time of the day. The mishap could lead to a fatal injury, and if the person involved in the incident has a family dependent on the person, it will lead to a massive catastrophe. Shriram Life Saral Jeevan Bima offers comprehensive and affordable life insurance for every individual to avoid such a situation.

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Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
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A person, upon his demise, can always leave back a monetary relief for his/her family by opting for either a Return of Premium (ROP) life insurance or simple life insurance. Shriram Life Saral Jeevan Bima is life insurance with plenty of benefits and features to offer its customers.

Eligibility Criteria of Shriram Life Saral Jeevan Bima

The table below shows the eligibility criteria of Shriram Life Saral Jeevan Bima:

Parameters

Details

Minimum

Maximum

Age at Entry

18 Years

65 Years

Policy Term

5 Years

40 Years

Maximum Maturity Age

70 Years

Sum Assured*

Rs 5 lakh

Rs 25lakh

Options for Premium Payment

Regular, Limited - 5/10 Years, Single

Mode of Premium Payment

Single, Monthly, Semi-Annually, Annually

*The Sum Assured shall be in the multiples of Rs 50,000

Benefits of Shriram Life Saral Jeevan Bima

The following are some of the key benefits of Shriram Life Saral Jeevan Bima:

  1. Death Benefit

    A death benefit is provided to the nominee in case the policyholder passes away while the policy is still active. 

  2. Waiting Period

    The policy has a waiting period of 45 days from the date of acceptance of risk. In the waiting period, if the policyholder meets with any eventuality due to factors other than an accident, the nominee is paid back all the premiums paid to date. 

  3. Free Look Period

    The policyholder has a free look period of 15 days if the policy is obtained through an offline mode. If the policy is obtained through an online portal or long-distance mode, the free look period will be of 30 days. 

  4. Accident Benefit Rider

    If the policyholder meets with an accident that leads to his/her death or permanent and total disability, the insurer pays 100% Sum Assured to the nominee as per the Rider terms. 

Documents Required to Buy Shriram Life Saral Jeevan Bima

The following are the required documents to buy Shriram Life Saral Jeevan Bima are mentioned below:

  • Bank Statement
  • Proof of Residence
  • Identity Proof
  • Passport size photographs
  • Date of Birth Proof

Exclusion Under Shriram Life Saral Jeevan Bima

  1. Suicide Clause

    1. Regular/Limited Premium Policy

      If the life insured dies by suicide within a year of policy commencement, the nominee will be eligible for at least 80% of the total premiums paid to date, but this excludes any taxes paid.

      The same conditions apply if the policy is revived and the life insured dies by suicide within 12 months from the policy revival.

    2. Single-Premium Policy

      If the life insured commits suicide within 12 months of policy commencement and 12 months from the revival of the policy, no claims will be entertained, except 90% of the Single Premiums paid, excluding any extra charges.

FAQ's

Written By: PolicyBazaar - Updated: 22 July 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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